Sunday, February 15, 2009

Tips to make your wedding recession proof - I

Now a day I am very busy because of two things, first because of this economic recession which made my job more hectic than before and second is organizing marriage event of my brother. He is very relaxed because he knows that I’ll take care of every financial issue while organizing the event. But still it is my responsibility as a sister as well as a financial advisor to suggest him and Christina (his life partner) few tips which can make their wedding event and life after that prosperous and happy. So I am sharing these tips with all those people who are going to be married very soon and afraid of this economic recession:

  • Wedding is an important function, so plan everything much before the wedding day. Balance your personal finance as soon as possible.
  • You and your partner should start an emergency fund for themselves much before wedding. If you have not started till now, start NOW. The motive is to have that much money which is sufficient to cover your basic expenditures for 3-6 months in case of any emergency.
  • Watch your own expenses and note down all the expenditure done by you every month. At the end of each month, look at the money spent by you on yourself. This activity will make you more active about personal finances and will help you and your family whole life.
  • Talk about money and finance openly with your partner. Since it is responsibility of both of you to create a healthy financial life together, so it is important for both of you to know each other’s financial priorities, goals and habits.
  • Plan a monthly budget with your partner for your lives after wedding. May be this tip will not work at once but will work slowly and surely. But you have to make budget for every month and then look at all the expenses. This habit will reduce the unnecessary spending of money.

I’ll sure discuss some more tips with you in my next blog because right now I’ve to go to check and choose the wedding venue.

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